Global Photodynamic Therapy Market
Dublin, Jan. 04, 2023 (GLOBE NEWSWIRE) -- The "Photodynamic Therapy Global Market Opportunities And Strategies To 2031: COVID-19 Implications And Growth" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists; marketers and senior management with the critical information they need to assess the global photodynamic therapy market as it emerges from the COVID 19 shut down.
The photodynamic therapy market reached a value of nearly $1,183.4 million in 2021, having grown at a compound annual growth rate (CAGR) of 4.3% since 2016. The market is expected to grow from $1,183.4 million in 2021 to $1,682.7 million in 2026 at a rate of 7.3%. The market is then expected to grow at a CAGR of 5.9% from 2026 and reach $2,237.3 million in 2031.
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This report describes and explains the photodynamic therapy market and covers 2016 -2021, termed the historic period, and 2021-2026 termed the forecast period, along with further forecasts for the period 2026-2031. The report evaluates the market across each region and for the major economies within each region.
Growth in the historic period resulted from aging population pool, an increase in cancer prevalence, an increase in skin diseases, rising pollution rates, increased healthcare expenditure and growth in the number of healthcare facilities.
Going forward, the rise in healthcare expenditure, insurance coverage for photodynamic therapy, high potential in emerging economies, increasing teenage population, increasing older population, increasing prevalence of cancer and chronic diseases and emergence of infectious diseases will drive the growth. Factors that could hinder the growth of the photodynamic therapy market in the future include COVID-19, photosensitivity reactions and lack of healthcare infrastructure.
North America was the largest region in the photodynamic therapy market, accounting for 37.2% of the total in 2021. It was followed by Asia Pacific, and then the other regions. Going forward, the fastest-growing regions in the photodynamic therapy market will be Asia Pacific, and, South America where growth will be at CAGRs of 9.1% and 8.8% respectively. These will be followed by Eastern Europe, and Middle East, where the markets are expected to grow at CAGRs of 6.9% and 6.7% respectively.
The photodynamic therapy market was impacted by the disruption caused by the coronavirus outbreak, as patients with cancer are susceptible to viral infections, especially after chemotherapy, stem cell transplants, or surgeries. The closure of dermatology clinics and delay in non-urgent procedures and therapies also affected the market severely. The pandemic has also caused delay in cancer patients' treatments in various countries.
Many hospital facilities were operating as COVID specific wards, hence causing a delay in patient admission, and further delaying treatment. Additionally, primary care patient visits, preventive treatments, diagnostic interventions and nonurgent surgical procedures all trended downward during the pandemic, causing financial hurdles and operational problems for the photodynamic therapy market.
The global photodynamic therapy market is fairly concentrated, and the market has limited number of large players. The top nine competitors in the market made up to 31.23% of the total market in 2020. This can be due to high entry barriers along with high research and development costs associated with drug development and commercialization.
Galderma S.A. was the largest competitor with 13.14% share of the market, followed by Bausch Health with 6.27%, Lumenis Ltd. with 4.86%, Sun Pharmaceutical Industries Ltd. with 4.53%, Biofrontera with 1.26%, LUMIBIRD with 0.60%, Modulight Inc. with 0.31%, PhotoMedex Inc. with 0.21% and Soligenix Inc. with 0.04%.
The top opportunities in the photodynamic therapy market segmented by product will arise in the drugs segment, which will gain $316.5 million of global annual sales by 2026. The top opportunities in segment by application will arise in the cancer segment, which will gain $224.3 million of global annual sales by 2026. The top opportunities in segment by end-user will arise in the cosmetics and dermatology clinics segment, which will gain $188.3 million of global annual sales by 2026. The photodynamic therapy market size will gain the most in the USA at $149.2 million.
Market-trend-based strategies for the photodynamic therapy market include introduction of portable photodynamic therapy device that help in at-home dermatological PDT treatments, investing in artificial intelligence enabled PDT for improved treatment of patients, expanding product portfolio in cosmetic procedures, continue to invest in research and development, focus at providing photoimmunotherapy devices and expand portfolio to include photothermal therapy.
No. of Pages
2021 - 2031
Estimated Market Value (USD) in 2021
Forecasted Market Value (USD) by 2031
Compound Annual Growth Rate
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